Two third country jurisdictions were added to the list: Nigeria and South Africa, while two jurisdictions were deleted from the list: Cambodia and Morocco
Today, May 17, the European Commission updated the list of high-risk third country jurisdictions, whose anti-money laundering and countering the financing of terrorism (AML/CFT) systems present strategic deficiencies. Two third country jurisdictions were added to the list: Nigeria and South Africa, while two jurisdictions were deleted from the list: Cambodia and Morocco.
The list takes into account information from the Financial Action Task Force (FATF) and the changes decided at the last FATF plenary session in February 2023 to the list of “jurisdictions subject to increased monitoring” (“grey list”). Given the level of integration of financial systems, the single market would be exposed to serious money laundering and terrorist financing risks if the EU did not consider adding the jurisdictions identified by the FATF to the EU list.
As a founding member of the FATF, the European Commission is actively involved in monitoring the progress of listed jurisdictions in addressing their AML/CFT weaknesses and fully implementing their respective action plans as agreed with the FATF. European financial institutions and other access regulators such as notaries, lawyers and accountants (called “obligated entities” in the directive) are required to apply enhanced vigilance to transactions involving high-risk third-country jurisdictions (“enhanced customer due diligence requirements” ).
Pursuant to Article 9 of Directive (EU) 2015/849, the 4th Anti-Money Laundering Directive, the Commission is empowered to issue and regularly update that list to take into account information from international organizations and AML/CFT standard setting bodies such as the FATF.
The update of the list of high-risk third country jurisdictions takes the legal form of a delegated regulation, which will enter into force after its consideration and non-objection by the European Parliament and the Council within one month (which may be extended for one more month).
The updated list of high-risk third country jurisdictions is available at: Commission Document Register (europa.eu)
Nikos Andritsos
Source :Skai
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
